Binance CEO CZ responded to the White House administration’s recent statement, which addressed crypto bankruptcies in 2022 and highlighted the need for more regulation. He suggested that if the restrictive moves continue, traditional markets will be in trouble.
Binance CEO suggests excessive pressure could cause devastation
The White House statement of the day titled “Roadmap to Mitigate the Risks of Cryptocurrencies” included the Terra and FTX bankruptcies in 2022. While neither Terra UST-LUNA’s nor FTX’s collapses were directly mentioned in the statement, the devastating effects of both were mentioned. Authorities also reported that new steps will be taken to protect investors in the coming months. However, in a section on exchanges in particular, the statement that “cryptocurrency platforms experience conflicts of interest, do not make adequate disclosures or are outright fraudulent” was remarkable. cryptocoin.comWe have included the details in this article.
Shortly after the White House’s statements, CZ included statements opposing the authorities’ desire for regulation, possibly due to the harsh wording above. He also suggested that these pressures could be devastating in the long run…
Impact of the few failed crypto projects last year?
Short term, they hampered crypto industry growth. But we are seeing recovery already.
Long term though… 1/2
— CZ 🔶 Binance (@cz_binance) January 27, 2023
CZ says companies that stay away from technology will perish
Binance CEO, White House on Twitter for the statements, “Did you say the impact of several failed crypto projects last year? In the short term, they hindered the growth of the crypto industry. But we are already seeing improvement. In the long run, this could have serious ramifications for traditional finance players in 10-20 years, as they really hinder their adoption of the technology, possibly causing them to fall further behind on the adoption curve,” he wrote.
CZ says that last year’s bankruptcies can be recouped in the short term, but in the long run it will drive companies in the traditional industry out of the market. According to the Binance CEO, companies that move away from Blockchain technology due to this fear may face extinction in the coming years.
